The Dormitory Authority of the State of New York authorized $1.12 billion in new financings.
The DASNY board approved at its Sept. 9 meeting the issuance of up to $1.1 billion in fixed and/or variable rate bonds that will be sold one more or times on a negotiated or competitive basis.
Proceeds from the bonds are expected to be used for capital projects for facilities at City University of New York and SUNY Upstate Community College, as well as library grants and transportation initiatives.
Bond counsel for the planned sale is Hawkins Delafield & Wood LLP and Bryant Rabbino LLP.
DASNY also authorized the issuance of up to $24 million in fixed and/or variable rate bonds to be sold through a negotiated sale. Bond proceeds are slated to refinance outstanding debt and/or reimburse expenditures incurred by members of the InterAgency Council of Developmental Disabilities Agencies, Inc.
DASNY also approved $13.3 million to finance the acquisition of various types of medical equipment under its Tax Exempt Leasing Program I.
DASNY was founded in 1944 and is one of the nation's largest higher education, health care and public-purpose issuers of tax-exempt debt. The agency has an outstanding bond portfolio of roughly $46.7 billion as of June, 2015.
